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RMB exchange rate saw biggest daily fluctuation
Latest Updated by 2006-04-13 11:33:39
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China Securities Journal reported today that according to the China Foreign Exchange Trade System, the RMB suspended the trend of appreciation and saw a slight decline on April 11. The median price of the US dollar versus the RMB reached 8.0110, returning to the 8.01 mark. On that day, the RMB exchange rate fluctuated by a margin of 70 basis points, setting a new high in terms of daily fluctuations in the past several months.

The report shows that the People's Bank of China (PBC) unveils a clearer approach of strengthening the flexibility of the RMB exchange rate: firstly expanding RMB fluctuations in one week or several weeks, then overnight fluctuations, and lastly the floating band in a single trading day.

Latest statistics reveal that in March, China's trade surplus hit 11.2 billion US dollars, doubling the previous expectation by the market and reaching the second highest level in history. Many forex traders deem that the RMB exchange rate will enjoy greater potential to break the 8 mark this week. However, due to the expanding fluctuations of the RMB exchange rate within a single trading day, the process of breaking through the 8 mark will become much thornier.
Editor: Yan

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